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with Tanya Baber

§199A Small Business Deduction Overview

Learning Objectives:

  • Learn about who can use pass-through deductions 
  • Learn about specific income limits associated with Section 199-A 
  • Learn how to calculate and use Qualified Business Income 
  • Discover the Basics of the QBI deduction including the General Limitation
  • Learn about Wage and Capital testing and when to use it


Course Overview

Course Details
  • Level: Beginner
  • Cost: Free
  • Field of Study: Taxes
  • Advanced Prep: None
  • Credit Type: CE & CPE
  • Credit Hours: 1
Course Description
Section 199A is by far one of the most complex things to come out of the Tax Cut and Jobs Act in late 2017. If you are like most practitioners, you may be left wondering, now what? What am I supposed to do with this now that I am stuck with trying to figure this thing out for tax returns, and what exactly is this new 20% deduction?
When it first came into effect, there were many unknowns. Even though we now have the benefit of having final regulations issued, there are still a few things that have not been decided or defined or are still waiting on comment in order to issue additional regulations.
This course will give you what we do know and information based on the most recent corrected final regulations issued on February 4, 2019. Also, it will help outline all that you need to know to navigate this tricky deduction for current and future tax seasons.
We will help make sense of all the calculations through the worksheets we provide and even go through some basic planning ideas as we go.
During this course, you will:
  • Have a deeper understanding of Section 199A information under the TCJA.
  • Be familiar with the Section 199A IRS guidance to avoid oversights and penalties when filing tax returns.
  • Learn how the new 20% deduction will affect the taxes of your clients with small businesses, professional practices, and real estate investments.
  • Identify who can qualify for pass-through deductions that effectively reduce individual income taxes by 20%.
  • Understand and calculate the correct Qualified Business Income or QBI based on earnings and allowable deductions.
  • Recognize the specific income thresholds for joint and individual taxpayers.
  • Grasp the basics of wage and capital testing and know when to use it.
  • Discover how to increase tax savings depending on QBI deduction, which is vital for planning.
Take the first course in our three-part program to have Section 199A explained thoroughly. Besides a deeper understanding of Section 199A information, you earn credits for this CE/CPE course.


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    Course Details